What do I need to ask lenders when borrowing student loan?
butchingc19 asked:
I was awarded stafford loan but its not enough. I’m in the process of looking for a private student loan and don’t know how to deal with it. What do I ask lenders, what is a good interest rate? How much should I borrow? How do I get the money? Any suggestions, tips would be appreciated. Thanks.
I was awarded stafford loan but its not enough. I’m in the process of looking for a private student loan and don’t know how to deal with it. What do I ask lenders, what is a good interest rate? How much should I borrow? How do I get the money? Any suggestions, tips would be appreciated. Thanks.
always say please and thankyou. little words get far lol.
the interest rate would be the most important question for me. also when do you begin to pay. what will the amount of monthly payments be?
Just apply and answer their questions. Pretty simple process.
6% is good… not likely, but good. Ask them if the interest is deferred until graduation. Ask them if there is also a deferrment in payment for at least 6 months after graduation. Borrow only as much as needed to cover tuition, then get a part time job for other expenses. Don’t go overboard. Also, look into Scholarships and Grants…
should help out too…
This website has information about student loans such as current rates and comparision charts and anything else you might want to know.
Borrow the minimum and get a job. When it comes time to pay it back, you’ll be thankful that you did. Compare the interest rate to your stafford loans. Check our DirectLoans, they’re government-backed. You can check with your school for a list of preferred lenders, but that doesn’t necessarily mean they’re the cheapest or the best. They should send the money directly to your school, who will ensure your bill is paid, then give the money to you. Make sure you save copies of all promissory notes you sign, copies of checks if possible, etc. Keep track of how many disbursments you have (every check is a disbursement). Down the road, if you have to request a deferment or forebearance, don’t assume you’ll get it just because you asked. Keep documentation of your approval. Also, DON’T default on a student loan! Read your promissory note. If you default, the balance in full is due, and you can lose your tax refund, have your wages garnished, etc.
Go to your financial aid office and ask who they recommend. What fees!!! They can get you.